Russia, Thailand to sign pending MoU

MOSCOW, Feb 27 (TNA) -- Russia and Thailand planned to sign their pending memorandum of understanding (MoUs) before Prime Minister Gen Prayut Chan-ocha pay an official visit to Russia this May, said Deputy Prime Minister Somkid Jatusripitak. Gen Prayut is scheduled to officially visit Moscow between May 18 – 19, Mr Somkid said earlier. Accompanied by Deputy Prime Minister/Defence Minister Gen Prawit Wongsuwon, Mr Somkid told journalists that his Russia's visit achieved a “great success” as both the Russian prime minister and deputy wanted to see both countries becoming “economic partnership”. Both sides pledged to sign pending MoUs before the Thai prime minister visit to Russia this May and the signing is considered an opening of the new era in strengthening trade and investment between the two countries and it is believed bilateral economic cooperation would increase tremendously, said Mr. Somkid. Thai businessmen would be persuaded to invest in Russia as their investment would serve the Russian and the CIS (Commonwealth of Independent States) whose participating countries are some former Soviet Republics as they have high potential, especially in agriculture, food and energy sectors, he said. Several major Russian business operators also wish to jointly invest with Thais, Mr Somkid added. Commerce Minister Apiradi Tantraporn said that Russia and Thailand shared the same idea that bilateral trade value should increase five times to 10 billion US dollars within five years from only 2.35 billion US dollars in 2015. In order to achieve the goal, Thailand will host a joint trade committee middle of this year while the two countries also supported a free trade negotiations between the kingdom and the Eurasian Economic Union (EEU) whose members are Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia, said Ms Apiradi. Russia is also interested in buying 80,000 tonnes of rubber annually from Thailand and the Commerce Ministry will organise a rubber products fair next Monday in which more than 80 rubber industry operators from worldwide, including Russia, would attend, she said. They will be invited to invest in a car tyre plant to be established in the southern province of Songkhla. A total of 67 Thai small and medium-sized enterprise operators accompanied them to Russia. (END)